Government has revealed to the country its plan to cut expenditure as a result of the economic fallout due to the COVID-19 pandemic.
What was initially described as Forced Savings then a National Meeting Turn, now called the Barbados Optional Saving Scheme, (BOSS) has now been put forward on the table.
Prime Minister Mia Mottley, says BOSS’ objective will be to regain millions of dollars lost due to the fallout.
This plan would see public servants get their full salary but a portion of the salary is paid in a bond, which can be converted into cash if needed, once they choose too.
During a News Conference, Ms. Motley disclosed that to compensate the worker for freeing up a significant amount of cash that the Government will then use to finance its critical capital works projects, which will, in turn, benefit Barbadians through the creation of jobs and the acceleration of economic growth.
Government is offering an interest rate on the bonds of five percent.
The prime minister described the plan as a win, win for government and workers.
Ms. Mottley said Trade Unions will now have to bring Government’s proposal to their members.
Meantime Government’s senior Economic Advisor Dr. Kevin Greenidge, explained how the system will work.
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Restriction Ease
Government will again relax a number of its restrictions in place come Monday.
The Attorney General Dale Marshall revealed that the curfew hours have been adjusted from, Monday to Thursday from 10pm to 5 am and Fridays to Sundays from 8pm to 5 am.
Beaches from Tuesday will be accessible from 5 am until 6:30 pm.
Churches will be reopened however, the AG said that measures must be put in place to ensure a level of physical distancing. Restaurants will be allowed to be reopened however bars will not.
Retail stores have been given the green light to reopen and the alphabetical system will no longer stand as of next week.
Mr. Marshall also sought to clarify any confusion as it relates to the public’s ability to move around the island during the curfew.
